Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $237,536
- Funds due
- $248,462
- Interest + MI left
- $69,623
- First ends
- Aug 2046
Assumption
Assumption + second
$2,853/mo
+$1,438/mo- Down payment
- $41,536
- Funds due
- $53,755
- Interest + MI left
- $391,368
- First ends
- Aug 2046
New loan
New conventional
$3,015/mo
+$1,600/mo- Down payment
- $41,536
- Funds due
- $50,453
- Interest + MI left
- $557,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,464 | $171,464 | $367,464 |
| Second mortgage | — | $196,000 | — |
| First P&I | $1,017.25 | $1,017.25 | $2,544.25 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $73.49 |
| Taxes, insurance & HOA | $397.75 | $397.75 | $397.75 |
| Total housing payment | $1,415.00 | $2,853.18 | $3,015.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,536
Closing costs & prepaids$12,219
Usable credit−$0
Total buyer cash needed$53,755
Earnest money paid−$0
Remaining funds due$53,755
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$857.32
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$542.25
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$17.19
Prepaid interest, second (1 days)$42.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing19 yr 9 moOf the original 30-year loan at 3.660%
Interest already paid$74,491Through Nov 2026
Assumption only · ends Aug 2046$69,623
Assumption + second · ends Aug 2046, second Dec 2056$391,368
New conventional · ends Dec 2056$557,210